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EUR/USD Technical Analysis: Euro Snaps 3-Day Loss Streak

EUR/USD Technical Analysis: Euro Snaps 3-Day Loss Streak

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0804, 1.0647, 1.0394
  • Resistance:1.0930, 1.1056, 1.1213

The Euro paused to digest losses above the 1.08 figure against the US Dollar having turned lower as expected. Near-term support is at 1.0804, the 61.8% Fibonacci expansion, with a break below that exposing the 76.4% level at 1.0647. Alternatively, a reversal above the 50% Fib at 1.0930 clears the way for a test of the 38.2% expansion at 1.1056.

The available trading range is too narrow to justify entering a short trade in line with our long-term outlookfrom a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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EUR/USD Technical Analysis: Euro Snaps 3-Day Loss Streak

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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